Last week, Noah penned a very interesting post, titled “Heroes of Blogging” (he includes a few kind words about your humble author). The temptation is to create one’s own list of blogging heroes, but instead I want to focus your attention on the impact of the entire financial blog format — on markets, investing and financial journalism. In my biased and not-so-humble opinion, the world of finance blogs has grown into having a surprisingly large impact on modern finance.
How? Consider what factors it has wrought. Blogging:
1. Loosened the grip of traditional players on information and news: Go back in time a decade or so, and we all got our financial news from only a handful of sources. The mainstream papers and magazines dutifully reported what companies said, government agencies reported and what markets did. Blogging has added a level of skepticism to the media diet. There is a willingness to call out nonsense that quite bluntly, deserves to be called nonsense. Not that it didn’t happen before bloggers were willing to do it — but it happens much more quickly and with more depth than pre-blogging days.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.